A commercial sale in Buckeye continues that community’s active market trends.
Walgreens, a 14,820-square foot property located at 23477 W. Yuma Road, sold for $5.5 million, commercial real estate brokerage firm Marcus & Millichap reported June 25.
The property was built in 2006.
The U.S. Census Bureau has listed Buckeye as the number one fastest growing city in the country, showing an 8.5 percent increase in population from July 2017 to 2018, reaching 74,370.
Chris Lind, Marcus & Millichap’s lead agent on the Walgreens deal, expects more commercial business activity as the population continues to surge in the Southwest Valley city.
“Yes of course,” he said Friday. “We’ve sold a number of deals in Buckeye - we’ve sold a Burger King next door to (the Walgreens), I have the Planet Fitness behind it back on the market now among other Walgreens and other net lease deals, so absolutely. It’s in the Phoenix MSA (Phoenix-Mesa-Scottsdale Metropolitan Statistical Area) so it’s always going to be attractive to investors, especially California investors.”
Marcus & Millichap’s Phoenix office had the exclusive listing to market the Walgreens property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by David Cutler, Joshua Johnson and investment specialists in Marcus & Millichap’s Palo Alto office.
Approximately 57,845 people reside in the growing Buckeye trade area, Marcus & Millichap added in a news release, with households and population projected to increase over 17 percent within a five-mile radius of the property over the next five years.